2006 Utah Code - 31A-36-107 — Examinations and retention of records.

     31A-36-107.   Examinations and retention of records.
     (1) The commissioner may conduct an examination of a licensee under this chapter in accordance with Sections 31A-2-203, 31A-2-203.5, 31A-2-204, and 31A-2-205.
     (2) A person required to be licensed under this chapter shall retain for five years copies of all:
     (a) the following records, whether proposed, offered, or executed, from the date of the proposal, offer, or execution, whichever is later:
     (i) contracts;
     (ii) purchase agreements;
     (iii) underwriting documents;
     (iv) policy forms; and
     (v) applications;
     (b) checks, drafts, and other evidence or documentation relating to the payment, transfer, or release of money, from the date of the transaction; and
     (c) records and documents related to the requirements of this chapter.
     (3) This section does not relieve a person of the obligation to produce a document described in Subsection (2) to the commissioner after the expiration of the relevant period if the person has retained the document.
     (4) Records required by this section to be retained must be legible and complete. They may be retained in any form or by any process that accurately reproduces or is a durable medium for the reproduction of the record.
     (5) An examiner may not be appointed by the commissioner if the examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under this chapter. This section does not automatically preclude an examiner from being:
     (a) a viator;
     (b) an insured in a viaticated policy; or
     (c) a beneficiary in a policy that is proposed to be viaticated.
     (6) (a) Examinees under this section shall reimburse the cost of any examination to the department consistent with Section 31A-2-205.
     (b) Notwithstanding Subsection (6)(a), individual producers of viatical settlements are not subject to Section 31A-2-205.

Enacted by Chapter 81, 2003 General Session